Mirvac has seen a marginal decline in the number of foreign buyers for its apartments in the wake of the federal government changes to capital control, yet says Sydney and Melbourne remain "fundamentally" under-supplied for housing.

Melbourne furniture magnate Franco Cozzo is branching out into property development.His long-held inner city land holdings in Footscray and Brunswick are ripe for re-invention as the apartment boom rolls out across the metropolitan area.

You don't buy a company with $7 billion or so of loans on the balance sheet if you think they're about to bite the dust. The deal suggests a view that Australia's economy is stronger than many outsiders recognise. But it's safe to hedge your bet.